Wednesday, November 13, 2013

Glencore Xstrata lists in S Africa

Shares in Switzerland-based global mining and commodities giant Glencore Xstrata have been traded for the first time on the Johannesburg Stock Exchange, the firm says.
"Our listing on the JSE is a significant step for Glencore," said chief executive officer Ivan Glasenberg on Wednesday.
With a global market capitalisation of 732 billion rand ($75.49 billion), the company is among the top three largest listed on the exchange.
The listing "not only deepens our relationship with South Africa, it highlights our confidence in Africa as a place to invest", said Glasenberg in a statement.
This will be Glencore's third listing with its primary listing on the London Stock Exchange (LSE) and having a secondary quote on the Hong Kong Stock Exchange (HKEx).
Glencore which runs more than 150 mines, offshore oil production assets and agricultural outfits worldwide, operates ferrochrome, platinum group metals and coal mines in South Africa.
The head of JSE, Nicky Newton-King, welcomed the listing as a "huge accolade" for the exchange and "reflects well on South African financial markets."
Glencore is the 10th company to be list on the JSE since the beginning of the year.

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